15 slides from Canadian Apartment Properties Real Estate Investment Trust's earnings presentation, Nov 7, 2025
Slide 1: Q3 2025 Conference Call
ee Ln i J ae SNE aaah en {Se poset d Quarter 2025 Xo) O Zz rm uu Se 2 Zr ow oO gt i iu & ite} Zz Cc N a5 fo} | _e Se i: 2 8 a m & iz oO 3 i a o~ Zz
Slide 2: Disclaimer
Disclaimer Presentation Overview This presentation and our answers to questions in today’s session may contain forward-looking information within the meaning of applicable securities laws ForwardJooking information may relate to CAPREIT’s future outlook and anticipated events or results. These state
Slide 3: Executive Team
Executive Team Mark Kenney Stephen Co Julian Schonfeldt President & Chief Executive Officer Chief Financial Officer Chief Investment Officer CAPREIT CONFERENCE CALL | Q3 2025
Slide 4: Opening Remarks: Year to Date Highlights
OPENING REMARKS Overview: Year to Date Highlights $411M Non-Core Legacy Suite & Site Sales in Canada $783M Completed Dispositions in Europe 97.8% Same Property Canadian Residential Occupancy! 4.4% Same Property Canadian Occupied AMR Growth? $366M Strategically Aligned Acquisitions in Canada CAPREIT
Slide 5: Capital Allocation Update
CANADIAN APARTMENT il PROPERTIES * REIT Capital Allocation Update CAPREIT CONFEREN ICE CALL | Q3 2025
Slide 6: Strategic Portfolio Repositioning
INVESTMENT STRATEGY Strategic Portfolio Repositioning 69% iEcacy 18% consteucreo 11% NON-CORE LEGACY ote de Vivre: Montreal ‘Sint Peters -Chahotetown ANCILLARY CAPREIT CONFERENCE CALL | Q3 2025
Slide 7: Value-Enhancing NCIB Program
INVESTMENT STRATEGY Value-Enhancing NCIB Program Total Activity Since Inception Disposition Proceeds NCIB $866M NCIB Spend $45 Weighted Average Purchase Price Per Unit Total Activity This Year 19 4M e NCIB continues to generate meaningful accretion in 2025, with CAPREIT having Units Purchased invest
Slide 8: Third Quarter Update
CANADIAN APARTMENT 1 PROPERTIES * REIT PERFORMANCE OVERVIEW Third Quarter Update CAPREIT CONFERENCE CALL | Q3 2025
Slide 9: Operational Results
PERFORMANCE OVERVIEW Operational Results AMRs & Occupancies Total Canadian Residential Portfolio mm Occupied AMR Occupancy 100% $1,750 95% $1,550 90% $1,450 85% $1,350 $1,250 Sept'22 Dec'22 Mar'23 Jun'23 Sept'23. Dec'23. Mar'24 = Jun'24 = Sept'24 Dec'24 Mar'25 Jun'25 Sept'25 Occupancy Rate Average M
Slide 10: Financial Results: Third Quarter
PERFORMANCE OVERVIEW Financial Results Third Quarter Three Months Ended September 30, 2025 2024 Change (%) Same Property Operating Revenues $227.5M $219.2M +3.8% Same Property Operating Costs $76.4M $75.4M +1.3% Same Property Net Operating Income $1511M $143.9M +5.0% Same Property Net Operating Inco
Slide 11: Financial Results: Nine Months 2025
PERFORMANCE OVERVIEW Financial Results Nine Months 2025 +4.3% +3.8% +0.1% Same Property Same Property Same Property Operating Revenues Operating Costs NOI Margin 65.2% $1.909 | 60.7% Total Portfolio FFO per Unit FFO NOI Margin (Diluted) Payout Ratio CAPREIT CONFERENCE CALL | Q3 2025
Slide 12: Canadian Debt Strategy: Liquidity & Laddered Mortgage Portfolio
PERFORMANCE OVERVIEW Canadian Debt Strategy: Liquidity. & Laddered Mortgage Portfolio~ 4.5 Years 700 13% 12% | 5.0% 12% Weighted average mortgage 600 | [| ‘ it term to maturity 500 | — 9% | = 4.0% g a of = Be A oo —S-—a ff pe 30% ¢ $281M Le] 3 5% 2.0% Available Liquidity in Cash & 200 Capacity on Ac
Slide 13: Closing Remarks: Strategically Focused on Cash Flow
rafton Parl Halifax, NS CANADIAN APARTMENT ll PROPERTIES * REIT CLOSING REMARKS Strategically Focused on Cash Flow CAPREIT CONFERENCE CALL | Q3 2025
Slide 14: The best choice for investors
4 The best choice for investors cll) . . Seeking the strongest returns in our asset class CAPREIT CONFERENCE CALL | Q3 2025 14
Slide 15: Contact Us
Strada Apartments Toronto, ON CANADIAN APARTMENT 1 PROPERTIES + REIT Contact Us CANADIAN APARTMENT PROPERTIES REIT (CAPREIT) 11 Church Street, Suite 401 Toronto, Ontario, M5E 1W1 +1 416-861-9404 ir@capreit.net www.capreit.ca Mark Kenney President & Chief Executive Officer Stephen Co Julian Schonfeld